NFTs and Bitcoin are rarely mentioned together. After all, the network does not support smarthis contracts that allow something like Ethereum to process non-fungible tokens. However, this has changed rapidly in the last month since the Ordinals project appeared on January 21st. The platform allows Bitcoin network users to write her JPEGs and other data to Satoshi, the smallest unit of Bitcoin.
This deviation was made possible by the Bitcoin Taproot upgrade in November 2021. With this, it is now possible to store arbitrary data in Satoshi’s Witness. Ordinal has proven controversial within the Bitcoin space, with various factions debating the advantages and disadvantages of writing his JPEGs and other data on the blockchain.
Bitcoin’s Maxis considers this ridiculous given that Bitcoin’s block size has increased and transaction fees have skyrocketed.According to a study published by BitMEX On Wednesday, a sudden influx of JPEGs and other media files onto the Bitcoin network consumed 526 megabytes (MB) of block space, costing subscribers about 6.77 BTC, or $155,000 so far. .
ordinal data
By February 7, 2023, we have identified:
* Over 13,000 ordinal transactions
* 526MB bitcoin blockspace usage
*6.77 BTC for ordinal related spendinghttps://t.co/cSNHSPIEs3— BitMEX Research (@BitMEXResearch) February 8, 2023
Bitcoin NFTs are splitting opinion
Longtime bitcoiner Rene Pickhart had a harsh word about ordinal numbers. Blame A project to spam JPEGs to Bitcoin. Adam Back is also against Bitcoin NFTs. consider them As “The sheer waste and stupidity of coding” He can’t help but wonder why people can’t carve NFTs into Bitcoin. “something efficient” However, he recognizes that since Bitcoin is made to withstand censorship, nothing can be done to stop them.
On-chain data expert Data_Always agrees, highlighting the rate at which blockspace consumption increases with each new Ordinals NFT description. In a tweet, he said: “Ordinal spending is increasing daily. Only 12% of total fees and 0.3% of subsidies, but the rise is still exponential. Largest mempool since FTX and 3AC collapsed Backlog.”
However, some see Bitcoin NFTs as a good thing. Dan Held, a longtime Bitcoin advocate, said: “Ordinals are good for Bitcoin.” Lolli co-founder and CEO Alex Adelman seems to agree.he ordinal “Bitcoin Milestone”
Hal Finney wants Bitcoin NFTs. pic.twitter.com/z4cO468pcA
— Dan Held (@danheld) February 6, 2023
Bitcoin NFTs Could Inspire Solutions to Network Problems
Despite the fact that Bitcoin continues to lag behind Ethereum and Solana in terms of investment and manpower dedicated to innovation and development of new applications, Bitcoin NFTs attract a new wave of interest and capital. must. This creates opportunities for developers to build new solutions that help with scalability and efficiency.
That said, since launching a few weeks ago, Ordinals has seen over 47,000 inscriptions at the time of writing. Dune Analytics. February 9th was our busiest day, with over 22,000 writes, JPEG images, text, video, applications, and audio files being among the types of data being written.
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent over five years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world.
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